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Replies: 22 / Views: 2,140 |
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Pillar of the Community
United States
1429 Posts |
Any reccomended insurance programs (cost effective) for coin collections?
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Rest in Peace
United States
9104 Posts |
Either a rider on your house policy, or check with the ANA, they have a recommended underwriter who specializes in collections.
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Pillar of the Community
 United States
1429 Posts |
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Pillar of the Community
United States
790 Posts |
I found that the price of insurance as a rider on my home policy was pretty high (something like 3% of the value per year). When I discussed how I would be able to prove a loss if I were to have one, it became obvious that they would search for reasons to reject any claims that might come up.
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Pillar of the Community
 United States
1429 Posts |
That is what I heard. Any specific produst that has a lower premium payment requirement?
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Pillar of the Community
United States
1415 Posts |
I think it's called a safe.  or safety deposit box.  Okay to be serious. Depending upon the size(volume) your collection takes up and the environment (space available, accessibility), a safe may be your best solution. Or get a safety deposit box at the bank. Insurance does appear to be high cost. BEST: I have seen parts of your collection, give em to me!! 
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Pillar of the Community
 United States
1429 Posts |
Thanks - I received a quote of about 3% premium on value which is relatively high. I will research and share finding.
Re Safe Deposit - I may miss them if they are stashed away !
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Moderator
 United States
187702 Posts |
Quote: I think it's called a safe or safety deposit box. I agree. My collection has way more sentimental than cash value; no insurance policy could ever cover that.
Edited by jbuck 08/29/2008 10:27 am
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Pillar of the Community
United States
3233 Posts |
Use Hugh Wood from ANA. I'm paying about 0.3% of my collection value.
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Pillar of the Community
United States
1415 Posts |
Zohar444, I still think my last suggestion (Give to me) is the best for all involved. If you miss them, I can send pics. 
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Pillar of the Community
 United States
1429 Posts |
That is a great quote Prethen. I will look into it. Thank you.
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Bedrock of the Community
United States
20753 Posts |
I'm a little paranoid when it comes to coin insurances or any insurances on valuables. In the old days you knew the insurance agent by name, he was a neighbor or ever a relative. You personal info was on paper and in a safe place. Today you don't know the people selling insurance and they will be different ones almost monthly. Your personal info goes into a computer and everyone in the company knows where to find that and usually can. If you live in a relatively high crime area or large city insuring your coins is about the same as instructing your postal service, mild services and even the police that your house will be vacant while your on vacation. Put you coins in a safe deposit box. If it is rather large, rent a few of them. I have 5 of them now. Always better to be safe than sorry.
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Bedrock of the Community
United States
12437 Posts |
I agree with Prethen, the ANA offers excellent group rate coverage for collections. I doubt you will be able to find a better deal on your own and homeowners insurance is lousy for collections.
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Valued Member
United States
131 Posts |
I appreciate Zohar starting this thread. I keep my collection in a safe deposit box in a bank. I am at the point where I am going to have to rent a second box. Anyway, my question is whether others who store theirs in a safe deposit box also insure the collection. Thanks.
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Pillar of the Community
United States
3233 Posts |
Homeowners insurance for stuff like coin collections plain sucks. It's very expensive and very onerous. They want a complete list of your collection and it has to be kept up-to-date. Plus, I don't know if they cover things like Registered mail, but Hugh Wood does.
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Bedrock of the Community
United States
20753 Posts |
Quote:
I appreciate Zohar starting this thread. I keep my collection in a safe deposit box in a bank. I am at the point where I am going to have to rent a second box. Anyway, my question is whether others who store theirs in a safe deposit box also insure the collection. Thanks.
As I said previously, I have 5 of them. If figure the cost is well worth the safety. As to insurancing anything of value it depends on where you live. Two people I know had their coins insured and they were robbed. Several people I know had guns insured and they were robbed. Most people I know that have coins, guns, knives, etc and don't have insurance on them never get robbed. Probably nothing to do with it but the less people that know what I have the safer I am. I reall see no advantage is spreading the information around as to any valuables in my home.
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Replies: 22 / Views: 2,140 |